COMPANY NEWS

COMPANY NEWS; Mitsubishi Lifts Rockefeller Stake

Published: July 13, 1991

The Mitsubishi Estate Company said it had bought more shares in the Rockefeller Group Inc., which has a large interest in and runs Rockefeller Center. Mitsubishi, which bought 51 percent of the Rockefeller Group in 1989 for $846 million, just bought an additional 22.4 percent of the company's stock for $416 million. Last July, Mitsubishi exercised its second option to buy some of the shares in the family trust and bought 6.6 percent, or 80,566 shares, worth about $111 million, the company said.

The recent transaction is the third sale of the company's stock to Mitsubishi. The Japanese property company has now acquired 80 percent of the Rockefeller Group. Mitsubishi's 80 percent stake gives it 23 percent of the real estate investment trust that owns Rockefeller Center, the landmark Manhattan office complex. It also controls Cushman & Wakefield Inc., a brokerage company, and Radio City Musical Hall Productions.